30-somethings are worse off than their parents according to the latest numbers.
Today’s 30-somethings, or anyone born between 1977 and 1998, are part of the group called the Millennials.
So what makes 30-somethings worse off than their parents? As previously reported by The Inquisitr, Millennials are suffering the worst during this Great Recession. The unemployment rate for Millennials previously reached 13.1 percent even though the overall unemployment rate for the United States has dropped below eight percent.
It’s numbers like these that have Millennials being more stressed than all prior generations, making 30-somethings worse off than even Generation X, who lost an average of $33,000 recently during economic decline.
30-somethings are growing increasingly uneasy about their financial future. The Urban Institute claims the net worth of today’s 30-somethings is down 21 percent from what 30-somethings earned in 1983. Since 1990, there’s been a significant drop in 30-somethings owning homes. The college debt of 30-somethings has more than tripled in the last 10 years.
One 30-something named Myya Beck owns her own fitness studio but only has $40 in savings. Beck spoke to CBS about how this financial uncertainty weighs on her:
“It’s stressful, very stressful. It weighs on me as a person that I’m not doing something right, that I’m not doing enough. Now we also have a baby on the way. I mean, this is everything that I’ve ever wanted. I’ve always wanted to own my own business. I’ve wanted to be a mom and have a family most importantly, of my own, so I’ve gotten those things, but financially how do I do it?”
Seeing 30-somethings worse off than their parents is a cause for major concern for everyone. Having one generation being poorer than their parents is the first time that has happened in America since the Great Depression.
With 30-somethings worse off financially, how do you think America should solve this problem?